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London (pte045/22.05.2003/17:01) - British telecom giant British Telecom (BT) http://www.bt.com has closed the fiscal year with a significant increase in profit. As the group announced today in London, profits before taxes and depreciation increased 44 per cent to over 1.8bn pounds (2.5bn euros).
Shareholders can now enjoy dividends of 6.5 pence (9.1 cents) per share - over triple the amount of the previous year. In the same period, turnover increased by two per cent to over 18.7bn pounds (26.2bn euros).
"We had a really good year," said BT chairman Sir Christopher Bland. Profits per share climbed 61 per cent and the group generated a free cash flow of 1.7bn pounds (2.4bn euros), in addition to decreasing group debt. Debts were reduced by over four billion pounds (5.6bn euros) to 9.6bn pounds (13.4bn euros).
According to CEO Ben Verwaayen, BT has achieved 13 of 14 strategic goals. The only weak point in the annual results was the operating profit, which increased by only 19m pounds (26.6m euros) to 2.8bn pounds (3.9bn euros).
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